posted: Aug. 29, 2007 @ 2:35p

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Purpose:

To get some free monies with 0% deals. Signup bonuses are nice plus. Basically I already have a mortgage so my credit is pretty much doing nothing and won't be doing anything anytime soon. Might as well put it to good use, which is why I am considering doing the AOR.

I believe I have a decent credit history (oldest VISA is from 1992), but I don't have a lot of existing credit cards. I owe 13k on a 0% car loan.

I think the length of my credit history combined with a decent HHI will net me some decent offers and limits. But I already have a Citi 0% for Life offer that has a high balance (money currently sitting in HYS) so I am not sure if thats going to seriously affect my results.

Stats:

HHI: 150k

Credit Scores at the start of the AOR: TU 756 / EX 734 / EQ 763

Existing Personal Credit Cards at the start of the AOR: (balance/limit/utilization)

Citibank Diamond Preferred MasterCard 0% for Life: (24245/29800/81%)
Citibank Dividends Visa (oldest card on file 15yrs): (0/1800/0%)
Citibank Dividends Mastercard: (0/2200/0%)
Chase Rewards Mastercard (my current daily spender): (0/15000/0%)
HSBC / Seamans Store Credit Card: (0/7500/0%)
GEMB / PC Richards Store Credit Card: (0/6000/0%)
HSBC / CompUSA Store Credit Card: (0/2200/0%)

These accounts are on my credit report but I think they belong to my Dad. I leave them on here so they help lengthen my credit history.

FDSB / Bloomingdales Store Credit Card: (0/1500/0%) opened in 1995
FDSB / Macy's Store Credit Card: (0/1700/0%) opened in 1986
CBSD / Sears Store Credit Card: (0/10500/0%) opened in 1984

Inquiries at start of AOR:

TU 5 / EX 3 / EQ 2

Here is the current list of cards that I applied for (in order with results)

Chase Business Cash Rewards - 0% BT 12mo ($75) - Approved with 25,000 Limit
Citi Business Card with TYP - 0% BT 12mo ($0) - 15,000 TYP - Had to do phone app since website was down - Approved with 4,000 Limit
BoA NEA WorldPoints Platinum Plus Visa Card - 0% BT 12mo ($30) - Instant Approval 12,000 Limit! Reallocated to 25,500 and ACHed 22,500 to checking
US Bank Platinum Visa (phone application) - 0% BT 12mo - Phone App tried to BT 15k to Citi Visa - Application not processed - Credit card not available to New York State Residents
WAMU Platinum Visa (targetted offer - up to 30k limit it claims) - 0% Purchases till 4/09 with $100 BT - BOO-YAH Instant Approval 30,000 Limit!
BoA Platinum Plus Business Rewards Mastercard - 0% BT 9mo ($0) - Approved with 10,000 Limit!
Bank Atlantic (Juniper) Rewards Business MasterCard - 0% BT 15mo ($75) - Instant Approval 25,000 Limit! - BTed 15k to Citi MC - Will reallocate National Park to this and BT rest
AMEX Business Gold Rewards Card (TigerDirect.com $100 Offer) - 25,000 Bonus points with 1st purchase - 1st year waived - TD $100 GC - Instant Approval - no preset spending limit
Advanta Business Card With Rewards - 0% BT 16mo ($50) - Instant Approval - called found out 10,000 limit
Chase Sony Card - 0% BT 12mo ($75) - $100 Bonus - Approved with 6,500 Limit
National City Lifespring Health Rewards Visa - 0% BT 12mo ($0) - Approved with 15,000 Limit!
Amex Blue - 0% Purchases 15mo - Instant Approval 7,000 Limit!
Discover Miles (FHAG offer) - 0% BT 12mo ($50) - Instant Approval - Called customer service 6,000 Limit
Discover Miles Business - 0% BT 12mo ($75) - Approved with 5,000 Limit!
Juniper National Park Foundation Platinum Visa Card - 0% BT 12mo ($50) - Instant Approval 17,500 Limit!
PenFed Visa Platinum Rewards Card - 1.25% Cash Back (will try to get big limit for util and use as daily spender) - Requested 24,000 limit with application Instant Approval 24,000 Limit!
BoA Platinum Plus Mastercard - 0% BT 12Mo ($0) - Approved - 5,000 Limit reallocated 4,500 to NEA
Chase United Miles Plus Platinum Business Card - 25,000 UA Miles with 1st purchase (Can these be converted to a GC?) - 1st year waived - Approved with 25,000 Limit!
Citi ProfessionalSM MasterCard - 0% BT 12mo ($0) / 10k TYP - Had to do phone app since website was down - Approved for 8,000 Limit after Citi suggested I reallocate my current three cards to this card
National City Business Visa - 0% BT 6mo ($0) - Deferred asked me to fax in signature - DECLINED could not verify business address
RBS Platinum Mastercard - 0% BT 10mo ($60) - Instant Approval - 8,000 Limit - requested "pay yourself" 0% check for 7,000
Amex SimplyCashSM Business Card - 0% Purchase 12mo - Instant Approved - 3,000 Limit!
Wells Fargo Platinum Visa - 0% BT 6mo ($0) - Had to do phone app since had no other Wells Fargo Accounts - Instant Approved but not for terms quoted - declined card
M&T Bank Business Platinum Rewards Card - 0% BT 6mo ($0) - Deferred - Asking for real business name - I am dropping this application
WaMu Business Platinum Mastercard - 0% BT 12mo ($75) - DECLINED PFFFFT will send reason in mail
HSBC Cash Back Platinum Mastercard - 0% BT 12mo ($99) - Instant Approved 10,750 Limit - BTed 9,500 to Citi Visa
PNC Bank Select Rewards Visa - DECLINED not available in New York State
GE Money Canine Mastercard - 0% BT 6mo ($250) - Apprived with 13,500 Limit per CR - will use for util.
Wachovia Visa Card (phone application for me) - 0% BT 6mo ($75) - Approved for 10,000 Limit!
Citi Platinum AMEX Card - 15k TYP after $300 purchase - Apprived - 5,000 Limit according to CR
AMEX:INNYC - 0% BT 6mo ($0) - Instant Approval - 2,000 Limit!
BoA BankAmericard Rewards Card - 0% BT 6mo ($75) - This was offered to me with a 9,500 limit when I applied for their $100 bonus checking account (I accepted the offer - reallocated 9,000 to NEA)

Pre-AOR Available Credit: 58,000
New AOR Available Credit: 302,000
Total Available Credit: 360,000

Credit Score History:

The following dates show my scores increasing as inquiries drop off from mortgage shopping back in Sept. 2005 (all of this pre-AOR)

TU 750 / EX 730 / EQ 758 (8/29/07)
TU 752 / EX 730 / EQ 761 (9/1/07)
TU 754 / EX 730 / EQ 761 (9/11/07)
TU 754 / EX 734 / EQ 761 (9/14/07)
TU 756 / EX 734 / EQ 761 (9/15/07)
TU 756 / EX 734 / EQ 763 (9/24/07 - AOR launch date)
TU 760 / EX 712 / EQ 750 (9/25/07 - TU inquiries haven't appeared yet but EX and EQ ones did)
TU 752 / EX 725 / EQ 767 (9/26/07 - TU inquries appeared from Monday - Discover Miles / BoA NEA / Junper National Visa appear on report)
TU 762 / EX 710 / EQ 767 (9/27/07 - BoA Platinum Plus / BoA BackAmericard / Citi AMEX appear on report)
TU 748 / EX 710 / EQ 765 (9/28/07 - more inquiries appear)
TU 750 / EX 710 / EQ 745 (9/29/07 - kroger inquiry shows up on Equifax - don't know why EQ score dropped 20 points)
TU 748 / EX 710 / EQ 745 (9/30/07 - RBS inquiry shows up on transunion)
TU 741 / EX 698 / EQ 745 (10/2/07 - GE Money Bank appears on Experian)
TU 741 / EX 698 / EQ 745 (10/3/07 - No change in score but new BoA limits now reporting / Citi AMEX now showing 500 limit instead of 5000 huh?)
TU 740 / EX 694 / EQ 747 (10/5/07 - NatCity showing 15k balance and 100% utilization on EX)
TU 740 / EX 699 / EQ 732 (10/6/07 - NatCity reporting on EQ now )
TU 743 / EX 706 / EQ 731 (10/15/07 - Not much else to report... waiting for balances to show)
TU 745 / EX 706 / EQ 725 (10/18/07)
TU 747 / EX 710 / EQ 727 (10/19/07)
TU 749 / EX 687 / EQ 722 (10/24/07 - WAMU 30k limit $155 balance showing on EX)
TU 738 / EX 695 / EQ 722 (10/25/07 - Citi 0% for life 24k showing zero balance now on EX - WAMU reporting on TU)
TU 725 / EX 678 / EQ 728 (10/26/07 - I have a $483 balance on my Citi AMEX showing on EX - I wonder if that explains dip in EX)
TU 714 / EX 676 / EQ 714 (10/30/07 - Citi 0% for life now $0 balance on all - BOA reporting 22500 on all three)
TU 714 / EX 680 / EQ 714 (11/5/07)
TU 714 / EX 680 / EQ 708 (11/7/07)
TU 714 / EX 672 / EQ 702 (11/21/07)
TU 724 / EX 685 / EQ 701 (12/7/07 - TU b* down to 1 inquiry / Citi closed all my accounts again / trying to reopen with supervisor)
TU 726 / EX 685 / EQ 701 (12/13/07 - Last TU inquiry b* off / waiting to see how citi closed accounts will affect my scores - if i can't get them reopened)
TU 726 / EX 685 / EQ 701 (12/16/07 - Citi Professional opened during AOR showing closed / no affect on scores)
TU 726 / EX 683 / EQ 701 (12/21/07 - a Barclay's hard inquiry just appeared on my report / no clue where this came from )
TU 726 / EX 683 / EQ 701 (12/25/07 - Citi MC from 2002 closed on TU & Citi 0% for life closed on EX - no change in scores)
TU 726 / EX 683 / EQ 701 (12/26/07 - Citi MC from 2002 closed on all)
TU 726 / EX 683 / EQ 704 (12/28/07 - EQ b* starting / Citi 0% for life closed on TU / Citi AMEX closed on EX - still no change in scores)
TU 726 / EX 683 / EQ 708 (12/31/07 - Happy New Year! EQ Inquiries down to 4)
TU 735 / EX 689 / EQ 713 (1/6/08 - EQ down to 2 / Oldest Citi Closed reporting on EX - scores look good so far)
TU 735 / EX 689 / EQ 719 (1/7/08 - EQ down to 1)
TU 735 / EX 696 / EQ 719 (1/11/08 - All Citi cards showing as closed - no adverse change in scores)
TU 733 / EX 687 / EQ 727 (1/28/08 - EQ gone)

Inquiries related to the AOR

BRCLYSBANKDE 09/24/2007 TransUnion
FIA CSNA 09/24/2007 TransUnion
WFFINANCE 09/24/2007 TransUnion
WASHMTL/PROV 09/24/2007 TransUnion
BANK OF AMERICA 09/24/2007 Experian
FIRST USA,NA 09/24/2007 Experian
DISCOVER FINANCIAL SER 09/24/2007 Experian
AMEX 09/24/2007 Experian
CITI 09/24/2007 Experian
CITI 09/24/2007 Experian
FIRST USA,NA 09/24/2007 Experian
CBNA 09/24/2007 Experian
ADVANTA FINANCIAL CORP 09/24/2007 Experian
PENTAGON 09/24/2007 Equifax
RBS CC 09/24/2007 Equifax
HSBC NV 09/24/2007 Equifax
GEMB/AFFIN 09/24/2007 Equifax
WACHOVIACC 09/24/2007 Equifax
NCBK-NCCS 09/25/2007 TransUnion
CBSD/UFC 09/25/2007 Experian
FIA CSNA 09/25/2007 Equifax
NCBK-NCCS 09/26/2007 TransUnion
RBS CC 09/28/2007 TransUnion
KROGER 09/28/2007 Equifax

Overall reacton to AOR results:

I am very happy with the results from this AOR. Considering that I had a fat 24k balance (80% util) on a Citi Mastercard during the AOR, I scored over 250k in new credit. I received very generous lines from Bank Atlantic / Juniper, National City, as well as Penfed and WAMU (targeted offer). Citibank was so desperate to open new lines for me (even though I had a ton of credit being used)... they offered to reallocate lines all over the place for me.

The only crappy thing about this AOR is I am using a lot of the BT monies to fund a 50k house extension so I am not getting full benefit from the interest earned on these BTs. However, the alternative for the house extension was to pay it outright with cash... but that would mean cashing in a bunch of PenFed 5.25% (and higher) CDs. So in a way I am still making "interest" on this because paying for the extension with BT money allows me to keep my Penfed CDs intact and making interest. I am very pleased.

I probably should have done the AOR back in March when I opened the Citi 0% for life deal, since I really opened the Citi card to fund my house extension. But in the end it really didn't matter based on my results and the limits I received.

I think I can get the Wife on board with this and do a Wife-O-Rama. All of our accounts are separate/individual so I think she would see some great results when she can throw my income onto her credit apps. All of her BTs would be earning interest... maybe to fund the new Hot Tub for next year.

Hopefully this AOR will show people that you can still land great limits if you have great scores & HHI (even if you are carrying a large balance on a card or two).

Citibank Adverse Action: (10/5/07)

Well things were going a little too good to be true. Citi slammed me with some adverse action. You can read more about it in the thread... but i'll sum it up real quick here. I decided to take Bank Atlantic money and National City (both 15k) and send each BT over to one of my existing Citi credit cards. I figured since the accounts were old (5 yrs and 15 years) they wouldn't give me an issue with the credit refund.

This is what I think happened: This credit balance must have spooked them out so they may have pulled my CR. Well low and behold the day before National City decides to approve my credit card and report right away. On the Nat. City application I submitted a 15k balance transfer not knowing if I would get approved or what my limit was. Well low and behold they approve me... but only grant me a 15k limit! They report right away and BAMM I have an account with 100% util on my report. I think this in combination with the credit balances spooked Citi too much and they closed my three existing accounts including my 0% for life card! The crappy thing about the 0% for life card is I have to make two payments a month to keep the balance. Well i can't make the payments anymore so I lose the 0%... have to pay off ASAP. Plus they closed my old Visa and that was the oldest account on my CR (that belonged to me). Very sucky... but life goes on and lesson learned.

Ironically enough... my three apps with Citi (AMEX Personal, Professional, and Biz TYN) all seem to be approved and on their way to me. I have the AMEX and its activated and still good so I don't think Citi will close that. Between the three cards I have 16k in credit limits. I guess i'll live. But be careful with Citi!

Citi adverse action update: (10/9/07)

So I decided to call Citi to try to get my accouts opened up (or at least the oldest account on my CR). I explained the situation to the lady. I wasn't groveling to the point of "pleeeease reopen my accounts". I was very nice but I was also firm in saying that I thought it was a little silly to close all my accounts over something so ridiculous. I told her that Citi was going to do damage to my credit report by closing these accounts and I said that I would be more than willing to document any assets/paystubs/etc. More or less I was asking her if Citi would be willing to terminate a very long history with me as a customer (as I mentioned in the future I would be looking for mortgages, car loans, HELOCs, and I would NOT consider Citi for any of these products if they closed my accounts).

Well I went into the phone conversation just asking for the oldest account to be re-opened. She reviewed my credit profile again and she agreed to re-open ALL my accounts! They are even going to re-open the 0% for life card with the 23k balance on it. More or less she said that this was done in error and based on my long standing history with Citi this should not have happened.

However she did mention the credit balance thing to me again and gave her my story about "paying the wrong account". She said Citi definitely does not like to receive credit balances that high and she did go and mention that since its not a no pre-set limit card (like an AMEX)... this is actually against the Cardmember Terms regarding overpaying an account. So she couldn't say if that was the reason... but it probably helped.

The only drawback to this is... since I was in a rush to get the 0% paid... I am still going to lose that 0% for life deal as I was not able to reverse the BankAtlantic BT to that card. So that card will be paid down.

But I still have the limit so I could (theoretically) move that limit to the Business card I was just approved for and play some more. I will probably just consolidate and eliminate that credit card if they complain about reallocation since it was just opened in March and I now have six credit cards with Citi.

And its also probably better that I move this balance to business credit anyways because that big balance is like a big albatross sitting on my credit report. I will already have balances on the CR for NatCity, RBS, and BoA. It would probably be best to get Citi off there.

Citi adverse action returns with a vengence: (12/7/07)

Well... long story short I find out Citi closed all of my accounts AGAIN. They closed all of my accounts... including all the accounts I had reopened with them and all the new accounts with the AOR including the business line that has a 32k balance. And guess what.... they also closed my wife's accounts too. I tried to get them reopened the same way I got them reopened last time, however the supervisor I spoke to said she couldn't do it. Said "I have not met the criteria to have these accounts reopened". She wouldn't even reopen just my oldest account that only had a $500 limit (b*tch!).

Oh well... what can you do. I am not even going to bother having my wife fight her closures since all her cards are new ones. Supervisor in credit management did say I get to keep the 0% rate as long as I don't miss a payment so i'll continue to make some free money courtesy of Citi. I guess time will tell to see what will happen on my CR when five personal Citi accounts show up as closed by creditor (including my oldest account not linked to my dad).

Morale of the story... Citi was most pissed off about the AMOUNT of new accounts and inquiries. She said Citi really doesn't care about utilizations and balances. She said a ton of new accounts looks "suspicious" and Citi won't tolerate it. They consider it a risk. You know what I consider it? INCENTIVE to beat the crap out of Citi for my next AOR. No mercy for them since I won't have an oldest account to protect anymore.

Anyways... life goes on. I got about 340k of 0% money between me and my wife so I guess it's safe to say this AOR was worth it (regardless of what happens to my scores). So far my scores are still decent considering what's going on with my balances. I hope they stay that way.

   posted: Aug. 29, 2007 @ 3:23p

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I don't see you applying for the Baylor Alumni card from my AOR. You have to launder the $ through a citi card, but they give everyone high limits.

your premiere pass elite card has a $75 annual fee waived for the first year, so in 11 months be sure to cancel that card.

   posted: Aug. 29, 2007 @ 3:41p

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oh ok yeah thats it, i didn't see it, sorry

   posted: Aug. 29, 2007 @ 4:46p

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Here is one other question I forgot to mention... I will need a place to park all this money at. Right now I have my Citi money parked in Pres. Savings. But I will need something different as that only runs up to 35k.

I see FNBO offers 6% but it looks like that is ending soon. Is it worth it to open an account there and hope the rate stays good? Or should I maybe try Countrywide or one of the other 5.5% banks?

   posted: Aug. 29, 2007 @ 5:23p

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Squeezer99 said:I don't see you applying for the Baylor Alumni card from my AOR. You have to launder the $ through a citi card, but they give everyone high limits.

your premiere pass elite card has a $75 annual fee waived for the first year, so in 11 months be sure to cancel that card.

You don't have to launder US Bank BTs. I used the BT request form on online to get them to mail a check to my USAA savings account. Seems like they'll send a check anywhere with an account number (and it can be significantly less than 16 digits).

   posted: Aug. 29, 2007 @ 9:23p

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yup. for citi I already had my max, so every new card i got is for like 1k. bummer.

   posted: Aug. 30, 2007 @ 6:24a

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If the inquiries fall off promptly on oct 5 (not sure if they always do) then you could pay down the citibank balance on sep 24, then go for it.

   posted: Aug. 31, 2007 @ 7:43p

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The M&T bank I would go for they really don't care about inqs.
Just make sure your business is in order.
I would cut down on the AMEX maybe just 2 1 bus i personal.
For chase narrow it down maybe bus and personal united mileage cards.
They are pushing the professional card also.
Bank Atlantic business card is also a good shot.

   posted: Sep. 1, 2007 @ 2:34p

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cardjuggler said:DjPiLL said:Is there a way to "test" this type of theory out? Maybe apply for one card first that isn't necessarially the easiest card to get... but not the hardest either? Something that typically gives either an instant approval or not.
It's a sensible approach in theory, though I'm not sure there's any card (or 2-3) that are sufficiently representative of an entire AOR. You will almost certainly have a successful AOR with those stats, but I don't think there's any way of knowing how much more successful if you pay the high balance below 70% or 50%.

Honestly I am leaning towards just leaving the balance there, but waiting till Oct. 6th to do this.

While I am seeing a lot of people with next to no balances doing AORs... a lot of people already have a ton of credit lines open (like way over 100k in available credit). So even though they have zero balance... the lenders have to realize that they have the ability to run up balances at any time. I don't have a lot of credit available (right now). My scores are good... my HHI is good... and the inquiries will be all off by then.

The last CC I got was the Chase and they had no problem giving me a 15k limit right off the bat.

Maybe this will be a learning opportinity for some here for future AORs.

   posted: Sep. 1, 2007 @ 8:17p

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Ok... two inquries dropped off and my credit scores went up. TU went up two points and EQ went up three.

Scores are now TU 752 / EX 730 / EQ 761

Its very likely my scores will continue to rise as inquiries come off. I think I am just going to wait to launch this till October 6th when there should only be 4 total inquiries on my report.

My scores should be high enough where I can keep the Citi for life balance on the card. But I think I will drop it below 70% as people suggested. Maybe ill drop the balance to 20k which will be about 68%.